{
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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
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  "pageNumber": 69,
  "pageCount": 104,
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  "density": "balanced",
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  "notes": "Slide 69 from an activist investor deck (likely Pershing Square).",
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  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/69",
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      "kind": "callout",
      "text": "We believe that HHC trades at a substantial discount to the value of its assets",
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      "kind": "image",
      "text": "Howard Hughes Corporation logo",
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      "text": "HHC was created by Pershing Square; Formed so that certain GGP assets, whose full value would not be realized in a REIT, could receive recognition in the public markets and appropriate management attention; Comprised of development assets, master planned communities, and income-producing properties with significant upside potential; In a short period of time, management has designed and launched development and/or monetization plans for each asset; Residential land holdings and commercial investments within these communities make HHC well positioned to benefit from a housing recovery",
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      "name": "Before After",
      "slug": "21-before-after",
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      "evidence": "Before-and-after comparisons for portfolio companies",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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